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Level 4
posted Jun 5, 2025 10:22:28 AM

Unsecured Loan

I was wondering if an unsecured loan from a bank would be considered taxable income and have any tax implications?

 

 

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1 Best answer
Level 15
Jun 5, 2025 10:25:51 AM

A personal loan is not reported as income on a tax return.  Nor is the interest paid on the personal loan deductible on a tax return.

1 Replies
Level 15
Jun 5, 2025 10:25:51 AM

A personal loan is not reported as income on a tax return.  Nor is the interest paid on the personal loan deductible on a tax return.